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2021-08-31-accounts

Company no. 04270652 Charity no. 1090451

Ideas Foundation

Report and Audited Financial Statements 31 August 2021

Ideas Foundation

Reference and administrative details

For the year ended 31 August 2021 Company number 04270652 Charity number 1090451 Registered office and 93 Tabernacle Street operational address London EC2A 4BA Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows: E M Smith Chair N Desalegene C J Harris T L Johnson M G Lainas P M Wilson J A Wilkins Company secretary Sarah Brown Chief executive officer Heather MacRae Bankers Coutts & Co 440 Strand London WC2R 0QS Auditors Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

1

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

The trustees present their report along with the financial statements of the charity for the year ended 31 August 2021.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Objectives and activities

Our charity objects are: The advancement of education in particular, but without prejudice to the generality of the foregoing, the advancement of education of young people in the creative arts; and the promotion of industry for the public benefit.

Our main activities are:

To provide young people aged between 11-25 (focusing on young people facing disadvantage) with high-quality, inspiring creative experiences to develop their creative communication, marketing, digital design thinking, and enterprise skills.

The main activities undertaken to meet the purpose of the charity are:

To promote creativity as a way of thinking. Curiosity and ideas drive our best scientists, entrepreneurs, broadcasters, chefs, innovators, food producers, retailers, institutions, legal minds as well as the creative industries that have contributed so much to the UK economy.

To put creativity back into the curriculum – in a way that intersects with different subjects and brings skills and subjects to life.

2

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

We create ‘aha’ moments that light the spark in creative young people, light up careers, subject teaching information, and resources and light up engagement across the whole curriculum. We do this through education activities and project-based hands on learning that use live briefs from advertising companies and brands to build knowledge and skills.

Professional mentors from the creative industry help students to create a response to a brief and pitch their ideas. Workshops take place in school and college and through holiday activities.

The creation of resources that can be used by teachers and young people to increase their careers awareness.

The design and delivery of bespoke education programmes for brands such as Burberry and Pantene, and the Platinum Jubilee Pageant that show creativity can span different sectors – not just the creative industries.

Students interested in a creative career are offered mentoring and workplace visits and a ladder of career development support.

Lobbying to increase recognition of the value of learning through creativity and innovation within the Curriculum.

Demonstration projects that show how creative and vocational learning projects accelerate learning and engage pupils and teachers.

Employer engagement with creative agencies, employers, and brands to promote diversity and social mobility.

We provide public benefit by increasing the employability of young people giving them new routes into work, enriching the curriculum, and encouraging brands and agencies to co-create programmes offer an opportunity to invest in diverse future talent.

Achievements and performance Young people

Despite the pandemic we have delivered a range of successful creative programmes both face to face and online to young people including:

3

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

▪ Trained 60 industry mentors.

Impact in Numbers

Schools and Colleges supported

Communication and Media

We received Awards for our work from the Times Education Supplement and the Manchester Publicity Association for the work with The Manchester College.

Venture to the Deep received extensive coverage in The Mirror, The Times, and BBC Newsround.

Our work was featured in articles in It’s Nice That.

Our content for #learnontiktok achieved over 100,000 views.

Podcasts for Canon and Design and Technology Association.

4

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

Partnerships

In addition to funded partnerships listed above, we continued to work in partnership with a range of organisations including:

▪ Abraham Moss Warriors;

▪ Kings’ College London; ▪ Teesside University;

▪ Ripples of Hope – Robert F Kennedy Foundation;

▪ Adam and Eve; ▪ Dentsu; ▪ McCann Manchester; ▪ Clear Channel; ▪ Leeds Playhouse;

▪ Leeds Young Film;

▪ American National Ballet;

▪ City University New York;

▪ Northern Ballet; and

Longer term impact

We have kept in touch with our alumni and are pleased to note their continued career success and willingness to give back to others. Examples include:

Andrew Georgiou – who was at Unilever as Global Social Media Lead and is now at Samsung in a senior leadership role aged 24. Andrew says: “Ideas Foundation was key to my career”.

Dr. Mala Mawkin – who is working in healthcare communications and is in the Forbes Top 30 under 30.

5

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

Dr Sophie Harker who is now working on eco-friendly engines for British Aerospace and is volunteering as a science communicator.

Hassan Raja is at Cambridge University and has been invited to talk about his work with IF and Canon in Dubai. He says: “Creative media camps were a huge opportunity and led me to create an exhibition about Pakistanis in Cambridge”.

Zainab Kabia has joined us as a peer mentor on our summer programmes and has been offering additional freelance support.

Alan Chu is now running his own design consultancy business and is supporting us with our own brand development.

Lucy is now working at BBC Studios creating content for children’s television programmes and offering workshops to other young creatives.

Staffing

We successfully restructured the organisation to make us more agile.

Helen Poole has been promoted to Creative Programme Director. Charlotte Coveney joined us as a communications assistant leading on our work with TikTok and social media. Benedicta Joppa has joined us in a paid role as a part-time Strategic Finance Business Partner having volunteered during the financial challenges of 2019-2020.

Robin Wight, our founder, was given a CBE in recognition of his work for the charity.

Emma Peel (nee Hope) had previously worked with us at Canon and has continued to offer significant pro bono support to the organisation. We have a large network of hugely talented creative professionals who offer pro bono support to the IF including Tolu Farinto who supports our diversity initiatives. Other exceptional professionals providing expertise include: Lydia Thornley, Melissa Fretwell, Simeon Quarrie, Dallas Campbell, Hilary Cross, Michael Cockerham, Anna Morris, Clive Booth, Richard Mason, Sarah Gregory, Yane Amos, Lisa Thomas Mala Mawkin, Femi, John Mounsey, Eliska Sky, Phil Badham, Greg Hodgson, Rob Pryce, Lisa Thompson, Rachael Quarmby, Cheryl Robinson, Richard Robinson, Holly Brownlee, Nathan Dua, Matthew Faulkner, Dr Tina Chowdhury, Erica Wolfe-Murray, Charlotte Turner, Kath Weight, Rachael Lightowler, Tom Martin, and Peter Bakare. New for this year has been a partnership with OnePointFive who have offered extensive support to our young people programmes and via consultancy.

Business Processes

All staff adopted working from home arrangements and successfully adapted to virtual teamwork. With our usual base at Ogilvy and Mather not available due to Covid restrictions, we booked a temporary base at Plexal.

We successfully transferred accounts onto Sage. With input from Benedicta we have developed a more sophisticated project costing approach and indicative rate cards. We have started to increase the number of personal donations via our website and donations from books created by Ted Smith, our Chair. We have started to use Mentimeter to evaluate programmes – cutting down on the need for manual inputting. We upgraded staff computers in anticipation of a change to Microsoft 365. With OnePointFive. We have been experimenting with new systems for gathering information from schools using Typeform and will further look at improving workflow tools during 2021-2022.

6

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

We have also become more adept at using Zoom for online activities and are now developing a hybrid approach to engaging students to provide flexible approaches to delivering activities.

Financial review

The Charity's Financial Statements show net unrestricted income of £26,132 for the year (compared with a reduction in restricted funds of £17,151) and free reserves of £102,517 (compared with £76,385 in 2020). The Trustees are of the view that these results have helped secure the immediate future of the Charity for the next 12 to 18 months. On this basis the Charity is a going concern.

The Directors consider it prudent to maintain an adequate balance of unrestricted funds to cover the Charity's contractual commitments and ideally would like these to be at a minimum level of between 3 and 6 months annual expenditure. The charity currently has close to 2 months’ annual expenditure in unrestricted funds.

The Directors consider that the Charity's reserves will enhance the services provided and provide financial security for the future. The reserves held in unrestricted funds, which have not been designated or invested in fixed assets, at the 31 August 2021 were £102,517 (2020 – £76,385).

The Statement of Financial Activities shows a net surplus of £8,981 (2020 – deficit of £8,302) for the year resulting in total Reserves standing at £177,106 (2020 - £168,125) at 31 August 2021.

Funds Received as Agent or Funds Held as Custodian Trustee

Not applicable.

Plans for future periods Priorities for 2021 – 2022

Effective charity governance with clear and updated objects, documented register of interests, engaged board, network of advisers and patrons to help achieve goals. We will also seek to trademark the name of the Ideas Foundation. We need to revisit the role of company secretary due to the long term sickness of Sarah Brown.

Create a sustainable funding model that secures sufficient unrestricted funds for planned activities and supports longer-term planning and growth.

Deliver existing programmes and adapt to hybrid, digital and face to face delivery. Seek to produce high quality legacy assets that can be used in schools and college across the country to sustain reach and promote diversity.

Increase awareness of the importance of creative thinking and careers awareness – and promote resources that support employability of diverse groups of students.

Operational procedures that support the objects and goals of charity – with a particular focus on developing digital financial systems and a digital ecosystem with shared files.

Structure, governance and management

The Charity is structured so that the Board of Trustees, who meet at regular intervals, deal with the policy and overall control of the Charity’s activities. Day to day management is in the hands of the Chief Executive, who reports to the Board of Trustees.

7

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

Daily operations are the responsibility of the Creative Programme Director and Creative Programme Manager reporting to the Managing Director. The Charity is assisted by an advisory group consisting of experts who advise the IF on a range of issues from education, creative policy, and systems. The IF also benefits from insights from an alumni group. Both the advisory group and alumni group share information via WhatsApp and of late Zoom meetings. The work programmes are supported by a strong network of freelance consultants and tutors who have specialist skills in finance, IT, communication strategy, programme delivery and in creative skills.

The charity is constituted as a company limited by guarantee limited company and was incorporated on 15 August 2001 and has a memorandum and articles of association. Ideas Foundation (the word “Limited” being omitted by licence from the Board of Trade) is registered as a company limited by guarantee and not having a capital divided by shares. In the event of the company being wound up, members are required to contribute an amount not exceeding £10. The company was registered as a charity on 6 February 2002 under registration number 1090451

New trustees are recruited through an application process and are chosen on the basis of their knowledge of creative industries, business systems and education. We reserve one place on the board for an alumnus who has taken part in our programmes. Potential trustees are invited to attend and observe meetings and then are voted onto the board.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

8

Ideas Foundation

Report of the trustees

For the year ended 31 August 2021

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Godfrey Wilson Limited were appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 31 March 2022 and signed on their behalf by

EMR Smith

E M Smith - Chair

9

Independent auditors' report

To the members of

Ideas Foundation

Opinion

We have audited the financial statements of Ideas Foundation (the 'charity') for the year ended 31 August 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

10

Independent auditors' report

To the members of

Ideas Foundation

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

11

Independent auditors' report

To the members of

Ideas Foundation

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing the appropriateness of journal entries;

▪Assessing judgements and accounting estimates for potential bias;

▪Reviewing related party transactions; and

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

12

Independent auditors' report

To the members of

Ideas Foundation

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 31 March 2022

Rob Wilson FCA (Senior Statutory Auditor)

For and on behalf of: GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

13

Ideas Foundation

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 August 2021

Restricted Unrestricted
Note
£
£
Income from:
Donations and legacies
-
109,645
Charitable activities
3
561,726
5,957
Total income
561,726
115,602
Expenditure on:
Raising funds
-
19,886
Charitable activities
577,247
71,214
Total expenditure
5
577,247
91,100
Net income / (expenditure)
(15,521)
24,502
Transfers between funds
(1,630)
1,630
Net movement in funds
7
(17,151)
26,132
Reconciliation of funds:
Total funds brought forward
91,740
76,385
Total funds carried forward
74,589
102,517		 2021
Total
£
109,645
567,683
677,328
19,886
648,461
668,347
8,981
-
8,981
168,125
177,106		 Restated
2020
Total
£
86,249
569,488
655,737
15,808
648,231
664,039
(8,302)
-
(8,302)
176,427
168,125

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

The prior period comparatives have been restated, as described in note 17 to the accounts.

14

Ideas Foundation

Balance sheet

As at 31 August 2021

Note
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
Funds
15
Restricted funds
Unrestricted funds
General funds
Total charity funds		 £
1,622
192,536
194,158
(20,190)		 2021
£
3,138
173,968
177,106
74,589
102,517
177,106		 Restated
2020
£
-
7,940
167,446
175,386
(7,261)
168,125
168,125
91,740
76,385
168,125

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 31 March 2022 and signed on their behalf by

EMR Smith

E M Smith - Chair

15

Ideas Foundation

Statement of cash flows

For the year ended 31 August 2021

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash provided by / (used in) investing activities
Increase / (decrease) in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
8,981
482
6,318
12,929
28,710
(3,620)
(3,620)
25,090
167,446
192,536		 Restated
2020
£
(8,302)
1,066
90,693
(5,176)
78,281
-
-
78,281
89,165
167,446

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

16

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Ideas Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of provision of services is deferred until criteria for income recognition are met.

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

17

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Grants payble

Grants payable are recognised as expenditure on the earlier of a) when the charity has a present obligation to transfer resources; and b) when the charity ceases to control the resource (e.g. via transferring the funds to the grant recipient).

i) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is deemed to be reflective of the activities of the charity in this period.

j) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings

4 years

Items of equipment are capitalised where the purchase price exceeds £500.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

18

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

1. Accounting policies

m) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Pension costs

The company operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

p) Redundancy and termination costs

Where an employee receives a termination benefit the full cost is recognised at the date the employee is notified.

q) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

r) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are depreciation and deferred income as described in notes I, j and m above.

19

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
3.
Income from charitable activities
Grants:
The Burberry Foundation
Canon Europe
Engineer the Story - RAENG
London Community Foundation
Manchester College
Proctor and Gamble
Story Futures QMUL
Other Projects
Programme income:
Canon Sellafield
TikTok
Coronavirus Job Retention Scheme
Total income from charitable activities
Net income / (expenditure) and net movement in
funds
The Careers & Enterprise Company - Burberry
North Yorkshire		 Restricted
£
£
-
86,249
542,114
27,374
542,114
113,623
-
15,808
465,596
182,635
465,596
198,443
76,518
(84,820)
Restricted
£
£
400,000
-
30,000
-
12,734
-
8,250
-
49,700
-
33,030
-
1,622
-
16,890
-
3,000
1,000
6,500
-
-
2,167
-
2,790
561,726
5,957
Unrestricted
Unrestricted		 2020
Total
£
86,249
569,488
655,737
15,808
648,231
664,039
(8,302)
2021
Total
£
400,000
30,000
12,734
8,250
49,700
33,030
1,622
16,890
4,000
6,500
2,167
2,790
567,683

20

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

3. Income from charitable activities (continued) - prior period comparative

Grants:
The Burberry Foundation
Canon (UK) Ltd
Comino Foundation
Manchester College
Sponsorship and prize income:
BBH
Pearson
Programme income:
BBC
Canon Sellafield
Nike
Coronavirus Job Retention Scheme
Total income from charitable activities
The Careers & Enterprise Company - Burberry
North Yorkshire		 Restricted
£
£
404,000
-
30,000
-
8,850
-
16,064
-
7,200
-
-
10,000
-
1,820
18,000
-
9,000
-
49,000
-
-
15,554
542,114
27,374
Unrestricted		 Restated
2020
Total
£
404,000
30,000
8,850
16,064
7,200
10,000
1,820
18,000
9,000
49,000
15,554
569,488

4. Government grants

The charitable company receives government grants, defined as funding from the Coronavirus Job Retention Scheme to fund charitable activities. The total value of such grants in the period ending 31 August 2021 was £2,790 (2020: £15,554). There are no unfulfilled conditions or contingencies attaching to these grants in 2020-21.

21

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

5. Total expenditure

Total expenditure
Staff costs (see note 8)
Fundraising costs
Advertising
Travel
Printing, postage and stationary
Subcontractors
External venue hire
Consultancy
Office rent
Insurance
Other office costs
Sundry expenses
Professional fees
Subscriptions and memberships
Depreciation
Audit
Sub-total
Total expenditure
Allocation of support and
governance costs
Trainers, materials, programme
development and delivery		 Raising
funds
£
16,380
506
-
-
-
-
3,000
-
-
-
-
-
-
-
-
-
-
19,886
-
19,886		 Charitable
activities
£
99,002
-
13,000
311,607
12,027
7,666
59,003
14,004
28,007
-
-
-
-
-
-
-
-
544,316
104,145
648,461		 Support and
governance
costs
£
17,527
-
-
-
-
-
21,344
-
-
35,000
1,338
16,523
2,896
535
3,100
482
5,400
104,145
(104,145)
-		 2021 Total
£
132,909
506
13,000
311,607
12,027
7,666
83,347
14,004
28,007
35,000
1,338
16,523
2,896
535
3,100
482
5,400
668,347
-
668,347

Total governance costs were £5,400 (2020: £6,600).

22

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

5.
Total expenditure
Prior period comparative
Staff costs (see note 8)
Fundraising costs
Advertising
Travel
Printing, postage and stationary
Subcontractors
External venue hire
Consultancy
Office rent
Premises costs
Other office costs
Professional fees
Insurance
Depreciation
Audit
Sub-total
Total expenditure
Allocation of support and
governance costs
Trainers, materials, programme
development and delivery		 Raising
funds
£
15,720
88
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,808
-
15,808		 Charitable
activities
£
155,511
-
5,638
299,841
719
19,510
17,335
35,644
15,000
-
-
-
-
-
-
-
549,198
99,033
648,231		 Support and
governance
costs
£
41,025
-
-
-
-
-
-
-
-
35,000
105
4,657
8,712
1,868
1,066
6,600
99,033
(99,033)
-		 Restated
2020 Total
£
212,256
88
5,638
299,841
719
19,510
17,335
35,644
15,000
35,000
105
4,657
8,712
1,868
1,066
6,600
664,039
-
664,039

23

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

6. Grants payable to institutions

Included within 'trainers, materials, programme development and delivery' in note 5 are the following partner payments, made to institutions, deemed to be grants payable in pursuit of the charity's objects. No support costs have been allocated to grant-making activities in the current or prior period.

Hepworth Wakefield
Leeds Playhouse
Leeds Young Film
Northern Ballet
7.
Net movement in funds
This is stated after charging:
Depreciation
Trustees' remuneration
Trustees' reimbursed expenses
Auditors' remuneration:
▪Statutory audit (including VAT)
▪Other service (including VAT)		 2021
£
60,000
60,000
60,000
60,000
240,000
2021
£
482
Nil
94
5,400
350		 2020
£
63,048
63,000
60,000
63,000
249,048
2020
£
1,066
Nil
-
6,600
-

Trustees' reimbursed expenses comprise travel expenses for 1 trustee.

8. Staff costs and numbers Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Freelance staff		 2021
£
117,447
11,156
2,547
1,759
132,909		 2020
£
186,480
17,919
4,309
3,548
212,256

Included in salaries and wages are redundancy costs totalling £11,567. Redundancy and termination costs have been funded from unrestricted general funds (note 15). No further amounts were owed as of 31 August 2021.

No employee earned more than £60,000 during the year.

24

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

8. Staff costs and numbers (continued)

The key management personnel of the charitable company comprise the trustees and the Chief Executive Officer. The total employee benefits of the key management personnel were £55,431 (2020: £51,911).

Average head count 2021
No.
3.00		 2020
No.
6.00

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Tangible fixed assets

Tangible fixed assets
Cost
At 1 September 2020
Additions in year
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020
Debtors
Accrued income
Trade debtors
Prepayments		 £
8,577
3,620
12,197
8,577
482
9,059
3,138
-
2021
2020
£
£
1,622
-
-
7,000
-
940
1,622
7,940
Fixtures and
fittings
12,197
8,577
482
9,059
3,138
-
2020
£
-
7,000
940
7,940

11. Debtors

25

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

12. Creditors : amounts due within 1 year

12. Creditors : amounts due within 1 year
Accruals
Deferred income (see note 13)
Trade creditors
13. Deferred income
At 1 September 2020
Deferred during the year
Released during the year
At 31 August 2021		 2021
£
8,807
11,383
-
20,190
2021
£
-
11,383
-
11,383		 Restated
2020
£
6,600
-
661
7,261
Restated
2020
£
-
-
-
-

Deferred income relates to amounts received in advance of provision of contracted services.

14. Analysis of net assets between funds

Tangible fixed assets
Net current assets
Net assets at 31 August 2021
Prior period comparative
Net current assets
Net assets at 31 August 2020		 £
-
74,589
74,589
£
91,740
91,740
Restricted
funds
Restricted
funds		 £
3,138
99,379
102,517
£
76,385
76,385
General
funds
General
funds		 Total
funds
£
3,138
173,968
177,106
Total
funds
£
168,125
168,125

26

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

15. Movements in funds

£
Restricted funds
The Burberry Foundation
28,173
London Community Foundation
-
Manchester College
-
13,392
Story Futures QMUL
-
Canon Europe
-
Canon Sellafield
-
Engineer the Story - RAENG
-
Proctor and Gamble
-
Nike
32,551
Venture to the Deep
-
BBC
17,624
Other Projects
-
Total restricted funds
91,740
General funds
76,385
Total unrestricted funds
76,385
Total funds
168,125
Restated at 1
September
2020
The Careers & Enterprise
Company - Burberry North
Yorkshire
Unrestricted funds		 Income
£
400,000
49,700
33,030
30,000
16,890
12,734
6,500
8,250
1,622
-
-
-
3,000
561,726
115,602
115,602
677,328		 £
(428,173)
(49,700)
(27,257)
(37,284)
(1,164)
(10,319)
(4,230)
(1,153)
(1,622)
(10,958)
(3,442)
(575)
(1,370)
(577,247)
(91,100)
(91,100)
(668,347)
Expenditure		 £
£
-
-
-
-
-
5,773
-
6,108
-
15,726
-
2,415
-
2,270
-
7,097
-
-
-
21,593
-
(3,442)
-
17,049
(1,630)
-
(1,630)
74,589
1,630
102,517
1,630
102,517
-
177,106
Transfers
between
funds
At 31 August
2021		 £
£
-
-
-
-
-
5,773
-
6,108
-
15,726
-
2,415
-
2,270
-
7,097
-
-
-
21,593
-
(3,442)
-
17,049
(1,630)
-
(1,630)
74,589
1,630
102,517
1,630
102,517
-
177,106
Transfers
between
funds
At 31 August
2021
74,589
102,517
102,517
177,106

Purposes of restricted funds

The Burberry Foundation

Funding towards this project aims to positively impact social mobility in young people from disadvantaged communities in Yorkshire through the use of arts and culture to improve young people’s confidence, self-belief and critical thinking.

Nike

Education programme in relation to Black History month.

The Careers & Enterprise Company - Burberry North Yorkshire

Funding towards the working with Burberry in North Yorkshire to nurture creativity.

BBC

Creative media camp.

27

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

15. Movements in funds (continued) - purposes of restricted funds Canon Europe Digital storytelling projects aligned with the United Nations Global Canon Sellafield Digital Storytelling activities in West Cumbria. London Community Creating a virtual art gallery and supporting a collective of Black artists. Foundation Engineer the Story - RAENG Funding towards the Digital Story Telling Project, which involves engineers working with young people to promote STEM careers. Manchester College Employability bootcamp activities. Other Projects This relates to small restricted grants received wthin the year. This period it consists of £3,000 received from Global Academy. Proctor and Gamble Project with Pantene to creatively explore issues related to hair confidence, hair discrimination and microaggressions. Story Futures QMUL Donation in kind in the form of advice and consultancy for Curriculum. Venture to the Deep Creative education outreach projects inspired by Richard Garriotts’ mission to the bottom of the Mariana Trench. Funds in deficit Venture to the Deep is the only fund in deficit this year. This is due to expenditure being incurred in advance of funding receipts.

28

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

15. Movements in funds (continued)

Prior period comparative
Restricted funds
The Burberry Foundation
Nike
BBC
Comino Foundation
Canon Sellafield
Manchester College
Canon (UK) Ltd
Total restricted funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
The Careers & Enterprise
Company - Burberry North
Yorkshire		 At 1
September
2019
£
-
-
-
-
15,223
-
-
-
15,223
161,205
161,205
176,428		 Income
£
404,000
49,000
30,000
18,000
16,064
9,000
7,200
8,850
542,114
113,623
113,623
655,737		 £
(375,827)
(16,449)
(16,608)
(376)
(31,287)
(9,000)
(7,200)
(8,850)
(465,596)
(198,443)
(198,443)
(664,039)
Expenditure		 £
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
28,173
32,551
13,392
17,624
-
-
-
-
Restated at
31 August
2020
91,740
76,385
76,385
168,125

16. Related party transactions

There were no related party transactions in the current or prior period.

29

Ideas Foundation

Notes to the financial statements

For the year ended 31 August 2021

17. Prior period restatements

The prior period comparatives have been restated for the reversal of deferred grant income, which is deemed to have met income recognition criteria in the prior period. The impact is outlined below:

Per signed accounts
Impact of restatement
Restated at 31 August 2020		 Total
income
2020
£
610,497
45,240
655,737		 £
52,501
(45,240)
7,261
Total
creditors
2020		 £
122,885
45,240
Total funds
carried
forward 2020
168,125

£85,300 of gift in kind income and expenditure received in the prior period has been reclassified as unrestricted, from restricted. This has had no impact on restricted nor unrestricted funds brought forward.

Expenditure has also been restated for classification only. The total amounts reported on the statement of financial position have not been affected.

30